Oil prices pare losses as stocks gain, US inflation data in focus
Stocks mostly rose Wednesday as oil prices pared heavy losses from the previous day, though gains were tempered by a slight recovery in crude during Asian trading. Brent crude fell more than two percent Tuesday but edged up to $103.73 per barrel Wednesday, while West Texas Intermediate dropped over three percent before recovering. The decline followed hopes for a US-Iran deal, Saudi Arabia restoring half its East-West pipeline capacity, and Trump releasing emergency reserves. Investors awaited US inflation data that could influence Federal Reserve rate decisions, with Treasury yields at multi-decade highs. New York Fed chief John Williams suggested no urgency for another hike, citing time to gather more information.